The cannabis industry is keeping a close eye on Washington as talk of marijuana reclassification gains momentum. President Donald Trump recently hinted that his administration could move to reschedule marijuana “over the next few weeks,” a decision that would mark a historic shift in U.S. drug policy.
Currently, marijuana is classified as a Schedule I drug under the Controlled Substances Act of 1970, lumped together with heroin and LSD. This designation suggests a high potential for abuse and no accepted medical use. However, the landscape has changed dramatically since then. Today, marijuana is fully legal in 24 states and medically legal in 38. Industry leaders argue that marijuana reclassification would bring federal policy more in line with public opinion and state-level reforms.
Rescheduling cannabis from Schedule I to Schedule III would not make marijuana federally legal, but it would significantly ease restrictions. One of the most impactful changes would be tax relief. Right now, cannabis businesses are barred from deducting ordinary business expenses, leaving them with heavy tax burdens. With marijuana reclassification, companies could claim these deductions like any other business.
Banking and investment opportunities would also expand. Currently, many dispensaries operate cash-only due to federal banking restrictions. Marijuana reclassification could open doors for traditional financing, cashless payments, and increased investor confidence. Industry executives see this as the “first critical step” in paving the way for broader reform.
Another important consequence of marijuana reclassification would be its impact on medical research. With cannabis listed as Schedule I, researchers face enormous hurdles in studying its benefits. Moving to Schedule III would ease restrictions, creating new opportunities to explore marijuana’s potential for treating conditions like chronic pain, epilepsy, anxiety, and PTSD. Industry leaders even predict a “rebirth” of medical cannabis, with greater acceptance among physicians and insurers.
Not everyone supports this move. Opponents argue that marijuana reclassification could lead to more crime and public health challenges. Some organizations warn that rescheduling would send the wrong message about cannabis risks. Still, the momentum for change is undeniable.
If enacted, marijuana reclassification would not only reshape the business landscape but also mark a turning point in how the nation views cannabis. For patients, entrepreneurs, and communities, it could represent a new era one where marijuana is recognized for its medicinal value and economic potential rather than being stigmatized under outdated laws.
